Thu, November 13, 2008
Business > 2008 G20 Summit

Do not expect much from G20 Summit, Brazil president warns

2008-11-13 11:27:07 GMT2008-11-13 19:27:07 (Beijing Time)

Brazil's president warned on Tuesday that not too much should be expected from the upcoming G20 summit of economic powers, where his country has cast itself as a spokesman for emerging nations.

"There is no exact cure for the crisis. We are not hoping for much from the G20" meeting on Nov. 15 in Washington, President Luiz Inacio Lula da Silva said in Rome. "It is only the start, even if it is a promising one."

A meeting of key G20 finance officials in Sao Paulo on Sunday opened the door slightly to broadening the club of global economic leadership in an effort to battle the deepening financial crisis.

They set up the agenda for Saturday's emergency summit and pledged to take " all necessary steps" to boost sagging market confidence and to give a bigger voice to developing countries in global economic affairs.

"The crisis in the financial sector is already contaminating the real economy and causing unemployment around the world," Lula said Tuesday, calling for the global world financial system to be "restructured."


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